Savannah morning news. [volume] (Savannah) 1868-1887, 1887-03-12

The Baltimore and Ohio Sensation.
Our dispatches this morning state that
the Sully-Garrett deal has failed, and
that asyndicate ofprivate bankers is now
trying 10 purchase a controlling interest
in the Baltimore and Ohio. 1t would not
be surprising If Mr.. Sully were the lead
ing spirit in this syndicate 1t was stated
in the dispatches yesterday that Mr..
Sully was unable to secure the money
necessary to make good the contract
which he had with Mr.. Garrett, and it is
not improbable that he has made a new
combination to effect the object which he
has had in view apparently for some
time.
There have been stories afloat in Wall
street ever since the Sully-Garrett deal
was announced that there was no founda-
tion for the report that Mr.. Garrett had
consented to part with the control of the
magnificent property of which he is the
President. These stories are based upon
the idea that there 10 a stock -jobbing
scheme to advance the price OF certain
stocks, which would be favorably affected
by such deal as Mr.. Garrett was
reported to have made with Mr.. Sully.
1t is, OF course, difficult TO find
out how much truth there Is in many of
the reports which are circulated in Wall
street, but it is pretty safe to assume that
the report respecting the Baltimore and
Ohio railway had a great deal OF truth in
it. Mr.. Garrett and MIR. Sully said
enough to justify the statement that a
deal OF some sort, which involved a
change in the ownership of that road, was
being considered, and other prominent
capitalists admitted the existence of such
deal. The fact that 1t was not perfected
does not justify conclusion that 1t never
had any existence.
1t seems to be plain that Mr.. Garrett
either wants to part with the control OF
the magnificent property with which his
family has been so conspicuously con-
nected for many years, or he is trying to
perfect arrangements for getting into
New York on more advantageous terms
than he can at present command.
w neither he invited propositions for The
purchase of the property, or was APP
preached by capitalists who wanted his
road to complete a great system, is
question concerning which nothing is
likely to be known at present. But
whether he made the first advances. or
advances were first made to him, 1t is
pretty safe to conclude that if he is not
aiming to secure an advantageous en-
trance INTO New York, he is as anxious
to sell as the capitalists, who are nego-
tiating with him, are 10 buy. If that Is
the case the negotiations are quite GER
tain to result in the near future in a
change in the ownership of the property.
Now thatit is understood that Mr.. Gar
rett proposes to sell the property, his man
agement, and that of his father before
him, Is being quite severely criticised by
some of the stockholders. One statement
goes so far as to hint that he will be called
to account for the way the affairs of the
property have been managed The COM
plant is that for many years earnings
that should have been paid to stockhold-
ers in the shape of dividends have been
spent in extending the system. This same
complaint was made with regard to the
management of the Georgia Central.
Neither Baltimore nor Savannah, how
ever, should have any sympathy with
complaint Of this kind, because they were
benefited by this policy which is con-
demned by the stockholders.
The progress of the negotiations for the
Baltimore and OHIO will be watched in
this section of the South with deep inter-
est, because any combination which may
grow out Of the sale of that road may in-
clude the Georgia Central. 1t is proba-
bic that in few days it Will be known
what the result OF the pending negotia-
lions is.